ﾚｲﾓﾝﾄﾞｼﾞｪｰﾑｽﾞﾌｧｲﾅﾝｼｬﾙの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

July 23, 2025

Date of Report (date of earliest event reported)

RAYMOND JAMES FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Florida

1-9109

59-1517485

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

880 Carillon Parkway

St. Petersburg

Florida

33716

(Address of principal executive offices)

(Zip Code)

(727) 567-1000

(Registrant’s telephone number, including area code)

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	RJF	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock	RJF PrB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02 Results of Operations and Financial Condition

On July 23, 2025, Raymond James Financial, Inc. (the “Company”) issued a press release disclosing its results for the fiscal third quarter ended June 30, 2025. A copy of this press release is attached to this Current Report as Exhibit 99.1 and incorporated by reference herein. In addition, a copy of the Company’s Financial Supplement and Earnings Presentation for the fiscal third quarter ended June 30, 2025 are attached as Exhibits 99.2 and 99.3, respectively, to this Current Report and are incorporated by reference herein.

The information in this Current Report, including any exhibits hereto, is being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing of the Company with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filings (unless the Company specifically states that the information or exhibit in this particular report is incorporated by reference).

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following are filed as exhibits to this report:

Exhibit No.

99.1 Press release, dated July 23, 2025, issued by Raymond James Financial, Inc.

99.2 Financial Supplement Fiscal Third Quarter 2025 of Raymond James Financial, Inc.

99.3 Earnings Presentation Fiscal Third Quarter 2025 of Raymond James Financial, Inc.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	RAYMOND JAMES FINANCIAL, INC.


Date: July 23, 2025	By:	/s/ Jonathan W. Oorlog, Jr.
		Jonathan W. Oorlog, Jr.
		Chief Financial Officer

EX-99.1 2 rjf20250630q325earnings.htm EX-99.1 PRESS RELEASE DATED JULY 23, 2025 Document


July 23, 2025						FOR IMMEDIATE RELEASE
						Media Contact: Steve Hollister, 727.567.2824
						Investor Contact: Kristina Waugh, 727.567.7654
						raymondjames.com/news-and-media/press-releases

RAYMOND JAMES FINANCIAL REPORTS FISCAL THIRD QUARTER OF

2025 RESULTS

•Record net revenues of $10.34 billion and record pre-tax income of $1.98 billion for the first nine months of fiscal 2025, up 10% and 5%, respectively, over the first nine months of fiscal 2024

•Record client assets under administration of $1.64 trillion and record Private Client Group assets in fee-based accounts of $943.9 billion, up 11% and 15%, respectively, over June 2024

•Quarterly net revenues of $3.40 billion, up 5% over the prior year’s fiscal third quarter and flat compared to the preceding quarter

•Quarterly net income available to common shareholders of $435 million, or $2.12 per diluted share; quarterly adjusted net income available to common shareholders of $449 million(1), or $2.18 per diluted share(1)

•Repurchased $451 million of common stock during the fiscal third quarter

•Annualized return on common equity of 17.1% and annualized adjusted return on tangible common equity of 20.5%(1) for the first nine months of fiscal 2025

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.40 billion and net income available to common shareholders of $435 million, or $2.12 per diluted share, for the fiscal third quarter ended June 30, 2025. Excluding $19 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $449 million(1), or $2.18 per diluted share(1). The results for the period included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer, sold to institutional investors between 2013 to 2015. Although the firm maintains it had strong defenses and denied any liability, given the complexity of the case and the unpredictability of litigation outcomes, it determined to resolve the long-running dispute without admission of wrongdoing.

“This quarter we celebrate the firm’s 150th consecutive quarter of profitability, highlighting the strength of our diverse and complementary businesses and our ongoing commitment to always putting clients first,” said CEO Paul Shoukry. “We are encouraged by the significant growth in our financial advisor recruiting pipeline, as more advisors continue to recognize our unique culture, comprehensive capabilities, strong balance sheet, and our steadfast commitment to maintaining independence. Our investment banking pipeline remains strong, and we are growing increasingly optimistic about macroeconomic conditions although the environment remains uncertain. Looking ahead, we enter the fiscal fourth quarter well positioned, supported by record client assets and significant capital to drive further business growth.”

Quarterly net revenues increased 5% over the prior year’s fiscal third quarter and approximated the preceding quarter level, with continued growth in asset management and related administrative fees which increased to $1.73 billion. Primarily the result of the impact of the aforementioned legal reserve, net income available to common shareholders decreased. For the fiscal third quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 14.3% and 17.2%(1), respectively.

Please refer to the footnotes at the end of this press release for additional information.

For the first nine months of the fiscal year, record net revenues of $10.34 billion increased 10%, record earnings per diluted share of $7.35 increased 7%, and record adjusted earnings per diluted share of $7.55(1) increased 6% over the first nine months of fiscal 2024. The Private Client Group segment net revenues and the Asset Management segment net revenues and pre-tax income were record results during the first nine months of fiscal 2025. Annualized return on common equity was 17.1% and annualized adjusted return on tangible common equity was 20.5%(1).

Segment Results

Private Client Group

•Quarterly net revenues of $2.49 billion, up 3% over the prior year’s fiscal third quarter and slightly higher compared to the preceding quarter

•Quarterly pre-tax income of $411 million, down 7% compared to the prior year’s fiscal third quarter and 5% compared to the preceding quarter

•Record Private Client Group assets under administration of $1.57 trillion, up 11% over June 2024 and 7% over March 2025

•Record Private Client Group assets in fee-based accounts of $943.9 billion, up 15% over June 2024 and 8% over March 2025

•Domestic Private Client Group net new assets(2) of $11.7 billion for the fiscal third quarter, or annualized growth from beginning of period assets of 3.4%; Fiscal year-to-date, domestic Private Client Group net new assets of $34.5 billion or 3.3% annualized

•Total clients’ domestic cash sweep and ESP balances of $55.2 billion, down 2% compared to the prior year’s fiscal third quarter and 4% compared to the preceding quarter

Quarterly net revenues rose 3% year-over-year mainly driven by higher asset management and related administrative fees which were partially offset by the impacts of lower short-term interest rates. During the same period, PCG assets in fee-based accounts grew by 15%, primarily due to market appreciation and net asset inflows. This contributed to a 7% rise in asset management and related administrative fees, reaching $1.46 billion. Pre-tax income declined year-over-year primarily due to the impact of lower interest rates.

Capital Markets

•Quarterly net revenues of $381 million, up 15% over the prior year’s fiscal third quarter and down 4% compared to the preceding quarter

•Quarterly investment banking revenues of $203 million, up 17% over the prior year’s fiscal third quarter and down 2% compared to the preceding quarter

•Quarterly pre-tax loss of $54 million reflects the impact of the aforementioned $58 million legal reserve in the quarter

Quarterly net revenues increased 15% over the prior year period, driven mainly by higher investment banking, fixed income brokerage and equity brokerage revenues. Sequentially, quarterly net revenues decreased 4% largely due to lower M&A revenues and fixed income brokerage revenues partially offset by higher underwriting and affordable housing investments business revenues. The quarterly pre-tax loss was largely due to the impact of the aforementioned legal reserve. The investment banking pipeline remains strong and while we are increasingly optimistic regarding macroeconomic conditions, the current environment remains uncertain.

Asset Management

•Quarterly net revenues of $291 million, up 10% over the prior year’s fiscal third quarter and 1% over the preceding quarter

•Record quarterly pre-tax income of $125 million, up 12% over the prior year’s fiscal third quarter and 3% over the preceding quarter

•Record financial assets under management of $263.2 billion, up 15% over June 2024 and 7% over March 2025

The increase in quarterly net revenues and pre-tax income over both the prior-year and sequential quarter is largely attributable to higher financial assets under management due to market appreciation and net inflows into fee-based accounts in the Private Client Group.

Please refer to the footnotes at the end of this press release for additional information.

Bank

•Quarterly net revenues of $458 million, up 10% over the prior year’s fiscal third quarter and 6% over the preceding quarter

•Quarterly pre-tax income of $123 million, up 7% over the prior year’s fiscal third quarter and 5% over the preceding quarter

•Record net loans of $49.8 billion, up 10% over June 2024 and 3% over March 2025

•Bank segment net interest margin (“NIM”) of 2.74% for the quarter, up 10 basis points over the prior year’s fiscal third quarter and 7 basis points over the preceding quarter

Net loans increased by 3% over the preceding quarter, primarily due to ongoing growth in securities-based lending, which rose by 5% in the quarter. Bank segment NIM improved by 7 basis points to 2.74%, attributable mainly to a favorable shift in asset mix and a higher proportion of lower cost deposits. These factors contributed to a 6% sequential increase in quarterly net revenues. The credit quality of the loan portfolio remains strong.

Other

The effective tax rate for the quarter was 22.6%, reflecting the favorable impact of nontaxable corporate-owned life insurance gains in the quarter. During the fiscal third quarter, the firm repurchased common stock of $451 million at an average price of $137 per share. As of June 30, 2025, $749 million remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.3%(3) and the tier 1 leverage ratio was 13.1%(3), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, July 23, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location until October 22, 2025. For a listen-only connection to the conference call, please dial: 888-596-4144 (conference code: 3778589).

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.64 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC. Fiscal Third Quarter of 2025			Selected Financial Highlights (Unaudited)

Summary results of operations


	Three months ended						% change from
$ in millions, except per share amounts	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2024	March 31, 2025
Net revenues	$	3,398	$	3,228	$	3,403	5%	—%
Pre-tax income	$	563	$	644	$	671	(13)%	(16)%
Net income available to common shareholders	$	435	$	491	$	493	(11)%	(12)%

Earnings per common share: (4)
Basic	$	2.16	$	2.37	$	2.41	(9)%	(10)%
Diluted	$	2.12	$	2.31	$	2.36	(8)%	(10)%


Non-GAAP measures: (1)
Adjusted pre-tax income	$	582	$	667	$	690	(13)%	(16)%
Adjusted net income available to common shareholders	$	449	$	508	$	507	(12)%	(11)%
Adjusted earnings per common share – basic (4)	$	2.23	$	2.45	$	2.48	(9)%	(10)%
Adjusted earnings per common share – diluted (4)	$	2.18	$	2.39	$	2.42	(9)%	(10)%


	Nine months ended
$ in millions, except per share amounts	June 30, 2025		June 30, 2024		% change
Net revenues	$	10,338	$	9,359	10%
Pre-tax income	$	1,983	$	1,883	5%
Net income available to common shareholders	$	1,527	$	1,462	4%

Earnings per common share: (4)
Basic	$	7.51	$	7.02	7%
Diluted	$	7.35	$	6.85	7%


Non-GAAP measures: (1)
Adjusted pre-tax income	$	2,041	$	1,955	4%
Adjusted net income available to common shareholders	$	1,570	$	1,516	4%
Adjusted earnings per common share – basic (4)	$	7.72	$	7.28	6%
Adjusted earnings per common share – diluted (4)	$	7.55	$	7.10	6%


Other selected financial highlights	Three months ended						Nine months ended
	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2025		June 30, 2024
Return on common equity (5)	14.3	%	17.8	%	16.4	%	17.1	%	18.2	%
Adjusted return on common equity (1) (5)	14.8	%	18.4	%	16.9	%	17.5	%	18.8	%

Adjusted return on tangible common equity (1) (5)	17.2	%	21.9	%	19.7	%	20.5	%	22.5	%
Pre-tax margin (6)	16.6	%	20.0	%	19.7	%	19.2	%	20.1	%
Adjusted pre-tax margin (1) (6)	17.1	%	20.7	%	20.3	%	19.7	%	20.9	%
Total compensation ratio (7)	64.8	%	64.7	%	64.8	%	64.6	%	64.7	%
Adjusted total compensation ratio (1) (7)	64.5	%	64.4	%	64.5	%	64.4	%	64.3	%
Effective tax rate	22.6	%	23.6	%	26.2	%	22.8	%	22.1	%

Please refer to the footnotes at the end of this press release for additional information.

RAYMOND JAMES FINANCIAL, INC.

Fiscal Third Quarter of 2025


Consolidated Statements of Income (Unaudited)

	Three months ended						% change from
in millions, except per share amounts	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2024	March 31, 2025
Revenues:
Asset management and related administrative fees	$	1,733	$	1,611	$	1,725	8%	—%
Brokerage revenues:
Securities commissions	431		416		431		4%	—%
Principal transactions	128		116		149		10%	(14)%
Total brokerage revenues	559		532		580		5%	(4)%
Account and service fees	302		328		321		(8)%	(6)%
Investment banking	212		183		216		16%	(2)%
Interest income	990		1,057		963		(6)%	3%
Other	46		51		40		(10)%	15%
Total revenues	3,842		3,762		3,845		2%	—%
Interest expense	(444)		(534)		(442)		(17)%	—%
Net revenues	3,398		3,228		3,403		5%	—%
Non-interest expenses:
Compensation, commissions and benefits	2,202		2,090		2,204		5%	—%
Non-compensation expenses:
Communications and information processing	191		166		184		15%	4%
Occupancy and equipment	77		75		74		3%	4%
Business development	77		72		64		7%	20%
Investment sub-advisory fees	56		48		54		17%	4%
Professional fees	42		38		34		11%	24%
Bank loan provision/(benefit) for credit losses	15		(10)		16		NM	(6)%

Other (8)	175		105		102		67%	72%
Total non-compensation expenses	633		494		528		28%	20%
Total non-interest expenses	2,835		2,584		2,732		10%	4%
Pre-tax income	563		644		671		(13)%	(16)%
Provision for income taxes	127		152		176		(16)%	(28)%
Net income	436		492		495		(11)%	(12)%
Preferred stock dividends	1		1		2		—%	(50)%
Net income available to common shareholders	$	435	$	491	$	493	(11)%	(12)%

Earnings per common share – basic (4)	$	2.16	$	2.37	$	2.41	(9)%	(10)%
Earnings per common share – diluted (4)	$	2.12	$	2.31	$	2.36	(8)%	(10)%
Weighted-average common shares outstanding – basic	201.2		206.8		204.3		(3)%	(2)%
Weighted-average common and common equivalent shares outstanding – diluted	205.5		212.3		208.7		(3)%	(2)%

Please refer to the footnotes at the end of this press release for additional information.

RAYMOND JAMES FINANCIAL, INC.

Fiscal Third Quarter of 2025


Consolidated Statements of Income (Unaudited)

	Nine months ended
in millions, except per share amounts	June 30, 2025		June 30, 2024		% change
Revenues:
Asset management and related administrative fees	$	5,201	$	4,534	15%
Brokerage revenues:
Securities commissions	1,302		1,213		7%
Principal transactions	396		369		7%
Total brokerage revenues	1,698		1,582		7%
Account and service fees	965		982		(2)%
Investment banking	753		543		39%
Interest income	2,980		3,159		(6)%
Other	125		120		4%
Total revenues	11,722		10,920		7%
Interest expense	(1,384)		(1,561)		(11)%
Net revenues	10,338		9,359		10%
Non-interest expenses:
Compensation, commissions and benefits	6,678		6,054		10%
Non-compensation expenses:
Communications and information processing	553		481		15%
Occupancy and equipment	224		220		2%
Business development	209		193		8%
Investment sub-advisory fees	163		132		23%
Professional fees	110		103		7%
Bank loan provision for credit losses	31		23		35%
Other (8)	387		270		43%
Total non-compensation expenses	1,677		1,422		18%
Total non-interest expenses	8,355		7,476		12%
Pre-tax income	1,983		1,883		5%
Provision for income taxes	452		417		8%
Net income	1,531		1,466		4%
Preferred stock dividends	4		4		—%
Net income available to common shareholders	$	1,527	$	1,462	4%

Earnings per common share – basic (4)	$	7.51	$	7.02	7%
Earnings per common share – diluted (4)	$	7.35	$	6.85	7%
Weighted-average common shares outstanding – basic	203.0		207.9		(2)%
Weighted-average common and common equivalent shares outstanding – diluted	207.6		213.1		(3)%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Consolidated Selected Key Metrics
Fiscal Third Quarter of 2025			(Unaudited)


	As of										% change from
$ in millions, except per share amounts	June 30, 2025				June 30, 2024			March 31, 2025			June 30, 2024	March 31, 2025
Total assets	$	84,815			$	80,628		$	83,132		5%	2%
Total common equity attributable to Raymond James Financial, Inc.	$	12,180			$	11,118		$	12,133		10%	—%
Book value per share (9)	$	60.90			$	54.08		$	59.74		13%	2%
Tangible book value per share (1) (9)	$	52.32			$	45.57		$	51.29		15%	2%

Capital ratios:
Tier 1 leverage	13.1		%	(3)	12.7		%	13.3		%
Tier 1 capital	23.0		%	(3)	22.2		%	23.5		%
Common equity tier 1	22.8		%	(3)	22.0		%	23.3		%
Total capital	24.3		%	(3)	23.6		%	24.8		%


	As of						% change from
Client asset metrics ($ in billions)	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2024	March 31, 2025
Client assets under administration	$	1,637.1	$	1,476.2	$	1,535.9	11%	7%
Private Client Group assets under administration	$	1,574.2	$	1,415.7	$	1,475.5	11%	7%
Private Client Group assets in fee-based accounts	$	943.9	$	820.6	$	872.8	15%	8%
Financial assets under management	$	263.2	$	229.3	$	245.0	15%	7%


	Three months ended									Nine months ended
Net new assets metrics ($ in millions)	June 30, 2025			June 30, 2024			March 31, 2025			June 30, 2025			June 30, 2024
Domestic Private Client Group net new assets (2)	$	11,651		$	16,517		$	8,830		$	34,501		$	47,740
Domestic Private Client Group net new assets growth — annualized (2)	3.4		%	5.2		%	2.6		%	3.3		%	5.8		%


	As of						% change from
Clients’ domestic cash sweep and Enhanced Savings Program balances ($ in millions)	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2024	March 31, 2025
Raymond James Bank Deposit Program (“RJBDP”): (10)
Bank segment	$	26,635	$	23,371	$	25,783	14%	3%
Third-party banks	13,878		17,325		16,813		(20)%	(17)%
Subtotal RJBDP	40,513		40,696		42,596		—%	(5)%
Client Interest Program	1,640		1,713		1,656		(4)%	(1)%
Total clients’ domestic cash sweep balances	42,153		42,409		44,252		(1)%	(5)%



Enhanced Savings Program (“ESP”) (11)	13,027		14,039		13,507		(7)%	(4)%
Total clients’ domestic cash sweep and ESP balances	$	55,180	$	56,448	$	57,759	(2)%	(4)%


Net interest income and RJBDP fees ($ in millions)	Three months ended									% change from		Nine months ended
	June 30, 2025			June 30, 2024			March 31, 2025			June 30, 2024	March 31, 2025	June 30, 2025			June 30, 2024			% change
Net interest income and RJBDP fees (third-party banks)	$	656		$	672		$	651		(2)%	1%	$	1,980		$	2,059		(4)%
Average yield on RJBDP - third-party banks (12)	2.96		%	3.41		%	3.00		%			3.03		%	3.55		%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Consolidated Net Interest
Fiscal Third Quarter of 2025			(Unaudited)

The following tables present our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.


	Three months ended
	June 30, 2025						June 30, 2024						March 31, 2025
$ in millions	Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate
	INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents	$	5,598	$	59	4.24	%	$	5,318	$	72	5.38	%	$	5,823	$	62	4.26	%
Available-for-sale securities	7,980		45		2.27	%	9,791		55		2.28	%	8,352		48		2.26	%
Loans held for sale and investment: (13)
Loans held for investment:
Securities-based loans (“SBL”) (14)	18,100		276		6.04	%	15,029		269		7.10	%	17,110		260		6.08	%
Commercial and industrial (“C&I”) loans	10,418		172		6.53	%	9,935		194		7.70	%	10,371		168		6.50	%
Commercial real estate (“CRE”) loans	7,764		126		6.42	%	7,465		142		7.52	%	7,599		124		6.52	%
Real estate investment trust (“REIT”) loans	1,712		30		7.04	%	1,731		34		7.71	%	1,713		30		7.02	%
Residential mortgage loans	9,934		98		3.96	%	9,173		83		3.66	%	9,732		96		3.91	%
Tax-exempt loans (15)	1,266		9		3.39	%	1,439		10		3.34	%	1,277		8		3.37	%

Loans held for sale	255		4		6.98	%	234		4		7.77	%	231		4		6.67	%
Total loans held for sale and investment	49,449		715		5.76	%	45,006		736		6.51	%	48,033		690		5.76	%
All other interest-earning assets	231		4		5.27	%	227		4		5.95	%	234		2		5.09	%
Interest-earning assets — Bank segment	$	63,258	$	823	5.18	%	$	60,342	$	867	5.72	%	$	62,442	$	802	5.15	%
All other segments
Cash and cash equivalents	$	4,152	$	44	4.24	%	$	3,311	$	49	5.99	%	$	4,004	$	42	4.27	%
Assets segregated for regulatory purposes and restricted cash	3,628		36		3.95	%	3,624		46		5.08	%	3,425		36		4.23	%
Trading assets — debt securities	1,335		19		5.73	%	1,425		20		5.83	%	1,433		19		5.28	%
Brokerage client receivables	2,427		42		6.97	%	2,370		48		8.13	%	2,371		41		7.11	%
All other interest-earning assets	2,535		26		3.93	%	2,426		27		4.24	%	2,477		23		3.81	%
Interest-earning assets — all other segments	$	14,077	$	167	4.72	%	$	13,156	$	190	5.78	%	$	13,710	$	161	4.77	%
Total interest-earning assets	$	77,335	$	990	5.10	%	$	73,498	$	1,057	5.73	%	$	76,152	$	963	5.08	%

	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (10)	$	33,814	$	146	1.73	%	$	31,232	$	173	2.24	%	$	32,905	$	144	1.78	%
Interest-bearing demand deposits (11)	21,246		213		4.03	%	20,261		250		4.95	%	20,872		208		4.04	%
Certificates of deposit	1,763		19		4.34	%	2,491		30		4.81	%	2,064		24		4.59	%
Total bank deposits (16)	56,823		378		2.67	%	53,984		453		3.38	%	55,841		376		2.73	%
Federal Home Loan Bank (“FHLB”) advances and all other interest-bearing liabilities	847		5		2.79	%	1,189		8		2.90	%	1,064		7		2.69	%
Interest-bearing liabilities — Bank segment	$	57,670	$	383	2.67	%	$	55,173	$	461	3.37	%	$	56,905	$	383	2.73	%
All other segments
Trading liabilities — debt securities	$	818	$	11	5.35	%	$	862	$	11	5.22	%	$	824	$	10	5.10	%
Brokerage client payables	4,882		15		1.24	%	4,558		22		1.93	%	4,683		17		1.45	%
Senior notes payable	2,040		23		4.50	%	2,039		23		4.50	%	2,040		23		4.50	%
All other interest-bearing liabilities (16)	1,272		12		3.83	%	1,522		17		4.42	%	1,146		9		3.60	%
Interest-bearing liabilities — all other segments	$	9,012	$	61	2.72	%	$	8,981	$	73	3.25	%	$	8,693	$	59	2.80	%
Total interest-bearing liabilities	$	66,682	$	444	2.68	%	$	64,154	$	534	3.35	%	$	65,598	$	442	2.74	%
Firmwide net interest income			$	546					$	523					$	521
Net interest margin (net yield on interest-earning assets)
Bank segment					2.74	%					2.64	%					2.67	%
Firmwide					2.83	%					2.86	%					2.77	%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Consolidated Net Interest
Fiscal Third Quarter of 2025			(Unaudited)


	Nine months ended
	June 30, 2025						June 30, 2024
$ in millions	Average balance		Interest		Annualizedaverage rate		Average balance		Interest		Annualizedaverage rate
	INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents	$	5,960	$	197	4.40	%	$	5,699	$	232	5.40	%
Available-for-sale securities	8,363		142		2.27	%	10,069		167		2.22	%
Loans held for sale and investment: (13)
Loans held for investment:
SBL (14)	17,229		806		6.17	%	14,721		798		7.12	%
C&I loans	10,305		518		6.64	%	10,265		597		7.64	%
CRE loans	7,668		385		6.62	%	7,365		423		7.55	%
REIT loans	1,692		91		7.13	%	1,704		100		7.71	%
Residential mortgage loans	9,733		285		3.90	%	8,972		240		3.57	%
Tax-exempt loans (15)	1,283		26		3.37	%	1,443		29		3.28	%

Loans held for sale	232		12		6.96	%	180		10		8.15	%
Total loans held for sale and investment	48,142		2,123		5.85	%	44,650		2,197		6.50	%
All other interest-earning assets	237		10		5.39	%	235		11		6.10	%
Interest-earning assets — Bank segment	$	62,702	$	2,472	5.23	%	$	60,653	$	2,607	5.68	%
All other segments
Cash and cash equivalents	$	4,076	$	134	4.40	%	$	3,292	$	149	6.04	%
Assets segregated for regulatory purposes and restricted cash	3,571		114		4.24	%	3,634		140		5.15	%
Trading assets — debt securities	1,387		57		5.47	%	1,251		54		5.80	%
Brokerage client receivables	2,402		128		7.15	%	2,266		140		8.22	%
All other interest-earning assets	2,531		75		3.88	%	2,265		69		3.89	%
Interest-earning assets — all other segments	$	13,967	$	508	4.84	%	$	12,708	$	552	5.77	%
Total interest-earning assets	$	76,669	$	2,980	5.16	%	$	73,361	$	3,159	5.70	%

	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (10)	$	33,088	$	458	1.85	%	$	31,459	$	497	2.11	%
Interest-bearing demand deposits (11)	21,013		650		4.14	%	20,206		747		4.94	%
Certificates of deposit	2,094		71		4.52	%	2,642		92		4.64	%
Total bank deposits (16)	56,195		1,179		2.81	%	54,307		1,336		3.29	%
FHLB advances and all other interest-bearing liabilities	1,001		20		2.72	%	1,201		26		2.92	%
Interest-bearing liabilities — Bank segment	$	57,196	$	1,199	2.81	%	$	55,508	$	1,362	3.28	%
All other segments
Trading liabilities — debt securities	$	834	$	32	5.17	%	$	806	$	33	5.46	%
Brokerage client payables	4,794		52		1.44	%	4,688		63		1.78	%
Senior notes payable	2,040		69		4.50	%	2,039		69		4.50	%
All other interest-bearing liabilities (16)	1,182		32		3.62	%	1,134		34		4.00	%
Interest-bearing liabilities — all other segments	$	8,850	$	185	2.79	%	$	8,667	$	199	3.05	%
Total interest-bearing liabilities	$	66,046	$	1,384	2.81	%	$	64,175	$	1,561	3.25	%
Firmwide net interest income			$	1,596					$	1,598
Net interest margin (net yield on interest-earning assets)
Bank segment					2.67	%					2.68	%
Firmwide					2.78	%					2.91	%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Third Quarter of 2025			(Unaudited)


	Three months ended						% change from
$ in millions	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2024	March 31, 2025
Net revenues:
Private Client Group	$	2,488	$	2,416	$	2,486	3%	—%
Capital Markets	381		330		396		15%	(4)%
Asset Management	291		265		289		10%	1%
Bank	458		418		434		10%	6%
Other (17)	9		28		13		(68)%	(31)%
Intersegment eliminations	(229)		(229)		(215)		—%	7%
Total net revenues	$	3,398	$	3,228	$	3,403	5%	—%

Pre-tax income/(loss):
Private Client Group	$	411	$	441	$	431	(7)%	(5)%
Capital Markets (8)	(54)		(14)		36		(286)%	NM
Asset Management	125		112		121		12%	3%
Bank	123		115		117		7%	5%
Other (17)	(42)		(10)		(34)		(320)%	(24)%
Pre-tax income	$	563	$	644	$	671	(13)%	(16)%


	Nine months ended
$ in millions	June 30, 2025		June 30, 2024		% change
Net revenues:
Private Client Group	$	7,522	$	6,983	8%
Capital Markets	1,257		989		27%
Asset Management	874		752		16%
Bank	1,317		1,283		3%
Other (17)	34		71		(52)%
Intersegment eliminations	(666)		(719)		(7)%
Total net revenues	$	10,338	$	9,359	10%

Pre-tax income/(loss):
Private Client Group	$	1,304	$	1,324	(2)%
Capital Markets (8)	56		(28)		NM
Asset Management	371		305		22%
Bank	358		282		27%
Other (17)	(106)		—		NM
Pre-tax income	$	1,983	$	1,883	5%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Third Quarter of 2025			(Unaudited)


Private Client Group

	Three months ended						% change from
$ in millions	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2024	March 31, 2025
Revenues:
Asset management and related administrative fees	$	1,462	$	1,364	$	1,457	7%	—%
Brokerage revenues:
Mutual and other fund products	146		142		152		3%	(4)%
Insurance and annuity products	129		130		117		(1)%	10%
Equities, exchange-traded funds (“ETFs”) and fixed income products	145		137		150		6%	(3)%
Total brokerage revenues	420		409		419		3%	—%
Account and service fees:
Mutual fund and annuity service fees	126		118		130		7%	(3)%
RJBDP fees: (10)
Bank segment	193		198		183		(3)%	5%
Third-party banks	110		149		130		(26)%	(15)%
Client account and other fees	72		66		66		9%	9%
Total account and service fees	501		531		509		(6)%	(2)%
Investment banking	9		10		9		(10)%	—%
Interest income (18)	114		121		110		(6)%	4%
All other	5		13		6		(62)%	(17)%
Total revenues	2,511		2,448		2,510		3%	—%
Interest expense	(23)		(32)		(24)		(28)%	(4)%
Net revenues	2,488		2,416		2,486		3%	—%
Non-interest expenses:
Financial advisor compensation and benefits	1,414		1,327		1,411		7%	—%
Administrative compensation and benefits	389		389		388		—%	—%
Total compensation, commissions and benefits	1,803		1,716		1,799		5%	—%
Non-compensation expenses	274		259		256		6%	7%
Total non-interest expenses	2,077		1,975		2,055		5%	1%
Pre-tax income	$	411	$	441	$	431	(7)%	(5)%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Third Quarter of 2025			(Unaudited)


Private Client Group

	Nine months ended
$ in millions	June 30, 2025		June 30, 2024		% change
Revenues:
Asset management and related administrative fees	$	4,395	$	3,838	15%
Brokerage revenues:
Mutual and other fund products	450		419		7%
Insurance and annuity products	364		382		(5)%
Equities, ETFs and fixed income products	458		397		15%
Total brokerage revenues	1,272		1,198		6%
Account and service fees:
Mutual fund and annuity service fees	382		339		13%
RJBDP fees: (10)
Bank segment	563		627		(10)%
Third-party banks	384		461		(17)%
Client account and other fees	208		195		7%
Total account and service fees	1,537		1,622		(5)%
Investment banking	26		29		(10)%
Interest income (18)	350		361		(3)%
All other	16		23		(30)%
Total revenues	7,596		7,071		7%
Interest expense	(74)		(88)		(16)%
Net revenues	7,522		6,983		8%
Non-interest expenses:
Financial advisor compensation and benefits	4,238		3,790		12%
Administrative compensation and benefits	1,195		1,159		3%
Total compensation, commissions and benefits	5,433		4,949		10%
Non-compensation expenses	785		710		11%
Total non-interest expenses	6,218		5,659		10%
Pre-tax income	$	1,304	$	1,324	(2)%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Third Quarter of 2025			(Unaudited)


Capital Markets

	Three months ended						% change from
$ in millions	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2024	March 31, 2025
Revenues:
Brokerage revenues:
Fixed income	$	97	$	86	$	116	13%	(16)%
Equity	41		35		45		17%	(9)%
Total brokerage revenues	138		121		161		14%	(14)%
Investment banking:
Merger & acquisition and advisory	105		91		129		15%	(19)%
Equity underwriting	38		33		31		15%	23%
Debt underwriting	60		49		47		22%	28%
Total investment banking	203		173		207		17%	(2)%
Interest income	27		32		28		(16)%	(4)%
Affordable housing investments business revenues	33		30		20		10%	65%
All other	4		4		4		—%	—%
Total revenues	405		360		420		13%	(4)%
Interest expense	(24)		(30)		(24)		(20)%	—%
Net revenues	381		330		396		15%	(4)%
Non-interest expenses:
Compensation, commissions and benefits	262		243		262		8%	—%
Non-compensation expenses (8)	173		101		98		71%	77%
Total non-interest expenses	435		344		360		26%	21%
Pre-tax income/(loss)	$	(54)	$	(14)	$	36	(286)%	NM






	Nine months ended
$ in millions	June 30, 2025		June 30, 2024		% change
Revenues:
Brokerage revenues:
Fixed income	$	298	$	276	8%
Equity	127		107		19%
Total brokerage revenues	425		383		11%
Investment banking:
Merger & acquisition and advisory	460		316		46%
Equity underwriting	104		82		27%
Debt underwriting	163		116		41%
Total investment banking	727		514		41%
Interest income	84		81		4%
Affordable housing investments business revenues	82		75		9%
All other	13		12		8%
Total revenues	1,331		1,065		25%
Interest expense	(74)		(76)		(3)%
Net revenues	1,257		989		27%
Non-interest expenses:
Compensation, commissions and benefits	825		721		14%
Non-compensation expenses (8)	376		296		27%
Total non-interest expenses	1,201		1,017		18%
Pre-tax income/(loss)	$	56	$	(28)	NM

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Third Quarter of 2025			(Unaudited)


Asset Management

	Three months ended						% change from
$ in millions	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2024	March 31, 2025
Revenues:
Asset management and related administrative fees:
Managed programs	$	189	$	171	$	187	11%	1%
Administration and other	91		83		91		10%	—%
Total asset management and related administrative fees	280		254		278		10%	1%
Account and service fees	5		5		6		—%	(17)%
All other	6		6		5		—%	20%
Net revenues	291		265		289		10%	1%
Non-interest expenses:
Compensation, commissions and benefits	54		56		57		(4)%	(5)%
Non-compensation expenses	112		97		111		15%	1%
Total non-interest expenses	166		153		168		8%	(1)%
Pre-tax income	$	125	$	112	$	121	12%	3%


	Nine months ended
$ in millions	June 30, 2025		June 30, 2024		% change
Revenues:
Asset management and related administrative fees:
Managed programs	$	565	$	484	17%
Administration and other	275		236		17%
Total asset management and related administrative fees	840		720		17%
Account and service fees	17		16		6%
All other	17		16		6%
Net revenues	874		752		16%
Non-interest expenses:
Compensation, commissions and benefits	169		167		1%
Non-compensation expenses	334		280		19%
Total non-interest expenses	503		447		13%
Pre-tax income	$	371	$	305	22%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.						Segment Results
Fiscal Third Quarter of 2025						(Unaudited)


Bank

	Three months ended						% change from
$ in millions	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2024	March 31, 2025
Revenues:
Interest income	$	823	$	867	$	802	(5)%	3%
Interest expense	(383)		(461)		(383)		(17)%	—%
Net interest income	440		406		419		8%	5%
All other	18		12		15		50%	20%
Net revenues	458		418		434		10%	6%
Non-interest expenses:
Compensation and benefits	47		45		45		4%	4%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses	15		(10)		16		NM	(6)%
RJBDP fees to Private Client Group (10)	193		198		183		(3)%	5%
All other	80		70		73		14%	10%
Total non-compensation expenses	288		258		272		12%	6%
Total non-interest expenses	335		303		317		11%	6%
Pre-tax income	$	123	$	115	$	117	7%	5%


	Nine months ended
$ in millions	June 30, 2025		June 30, 2024		% change
Revenues:
Interest income	$	2,472	$	2,607	(5)%
Interest expense	(1,199)		(1,362)		(12)%
Net interest income	1,273		1,245		2%
All other	44		38		16%
Net revenues	1,317		1,283		3%
Non-interest expenses:
Compensation and benefits	138		136		1%
Non-compensation expenses:
Bank loan provision for credit losses	31		23		35%
RJBDP fees to Private Client Group (10)	563		627		(10)%
All other	227		215		6%
Total non-compensation expenses	821		865		(5)%
Total non-interest expenses	959		1,001		(4)%
Pre-tax income	$	358	$	282	27%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Third Quarter of 2025			(Unaudited)


Other (17)

	Three months ended						% change from
$ in millions	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2024	March 31, 2025
Revenues:
Interest income (18)	$	34	$	47	$	34	(28)%	—%
All other	—		6		4		(100)%	(100)%
Total revenues	34		53		38		(36)%	(11)%
Interest expense	(25)		(25)		(25)		—%	—%
Net revenues	9		28		13		(68)%	(31)%
Non-interest expenses:
Compensation and benefits	36		29		40		24%	(10)%

All other	15		9		7		67%	114%
Total non-interest expenses	51		38		47		34%	9%
Pre-tax loss	$	(42)	$	(10)	$	(34)	(320)%	(24)%


	Nine months ended
$ in millions	June 30, 2025		June 30, 2024		% change
Revenues:
Interest income (18)	$	102	$	140	(27)%
All other	7		6		17%
Total revenues	109		146		(25)%
Interest expense	(75)		(75)		—%
Net revenues	34		71		(52)%
Non-interest expenses:
Compensation and benefits	112		78		44%

All other	28		(7)		NM
Total non-interest expenses	140		71		97%
Pre-tax loss	$	(106)	$	—	NM

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Bank Segment Selected Key Metrics
Fiscal Third Quarter of 2025			(Unaudited)

Bank Segment


	As of									% change from
$ in millions	June 30, 2025			June 30, 2024			March 31, 2025			June 30, 2024	March 31, 2025
Total assets	$	63,561		$	60,574		$	62,700		5%	1%

Bank loans, net	$	49,840		$	45,149		$	48,273		10%	3%

Bank loan allowance for credit losses	$	465		$	456		$	452		2%	3%
Bank loan allowance for credit losses as a % of total loans held for investment	0.93		%	1.00		%	0.93		%
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (19)	1.96		%	2.00		%	1.94		%

Total nonperforming assets	$	214		$	160		$	214		34%	—%
Nonperforming assets as a % of total assets	0.34		%	0.26		%	0.34		%

Total criticized loans	$	572		$	523		$	551		9%	4%
Criticized loans as a % of total loans held for investment	1.14		%	1.15		%	1.14		%

Total bank deposits	$	57,249		$	54,401		$	56,403		5%	1%



















	Three months ended									% change from		Nine months ended
$ in millions	June 30, 2025			June 30, 2024			March 31, 2025			June 30, 2024	March 31, 2025	June 30, 2025			June 30, 2024			% change
Net interest margin (net yield on interest-earning assets)	2.74		%	2.64		%	2.67		%			2.67		%	2.68		%

Bank loan provision/(benefit) for credit losses	$	15		$	(10)		$	16		NM	(6)%	$	31		$	23		35%
Net charge-offs	$	3		$	6		$	15		(50)%	(80)%	$	22		$	42		(48)%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Third Quarter of 2025			(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.


	Three months ended						Nine months ended
$ in millions	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2025		June 30, 2024
Net income available to common shareholders	$	435	$	491	$	493	$	1,527	$	1,462
Non-GAAP adjustments:
Expenses related to acquisitions:

Compensation, commissions and benefits (20)	9		11		8		25		33


Communications and information processing	—		—		—		—		1
Professional fees	—		1		1		2		3

Other:
Amortization of identifiable intangible assets (21)	10		11		10		31		33

All other acquisition-related expenses	—		—		—		—		2
Total “Other” expense	10		11		10		31		35
Total pre-tax impact of non-GAAP adjustments related to acquisitions	19		23		19		58		72


Tax effect of non-GAAP adjustments	(5)		(6)		(5)		(15)		(18)
Total non-GAAP adjustments, net of tax	14		17		14		43		54
Adjusted net income available to common shareholders (1)	$	449	$	508	$	507	$	1,570	$	1,516

Pre-tax income	$	563	$	644	$	671	$	1,983	$	1,883
Pre-tax impact of non-GAAP adjustments (as detailed above)	19		23		19		58		72
Adjusted pre-tax income (1)	$	582	$	667	$	690	$	2,041	$	1,955

Compensation, commissions and benefits expense	$	2,202	$	2,090	$	2,204	$	6,678	$	6,054
Less: Acquisition-related retention (20)	9		11		8		25		33
Adjusted “Compensation, commissions and benefits” expense (1)	$	2,193	$	2,079	$	2,196	$	6,653	$	6,021

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Third Quarter of 2025			(Unaudited)


Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)

	Three months ended						Nine months ended
	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2025		June 30, 2024
Pre-tax margin (6)	16.6	%	20.0	%	19.7	%	19.2	%	20.1	%
Impact of non-GAAP adjustments on pre-tax margin:
Expenses related to acquisitions:

Compensation, commissions and benefits (20)	0.3	%	0.3	%	0.3	%	0.2	%	0.4	%


Communications and information processing	—	%	—	%	—	%	—	%	—	%
Professional fees	—	%	—	%	—	%	—	%	—	%

Other:
Amortization of identifiable intangible assets (21)	0.2	%	0.4	%	0.3	%	0.3	%	0.4	%

All other acquisition-related expenses	—	%	—	%	—	%	—	%	—	%
Total “Other” expense	0.2	%	0.4	%	0.3	%	0.3	%	0.4	%
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.5	%	0.7	%	0.6	%	0.5	%	0.8	%


Adjusted pre-tax margin (1) (6)	17.1	%	20.7	%	20.3	%	19.7	%	20.9	%

Total compensation ratio (7)	64.8	%	64.7	%	64.8	%	64.6	%	64.7	%
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention (20)	0.3	%	0.3	%	0.3	%	0.2	%	0.4	%


Adjusted total compensation ratio (1) (7)	64.5	%	64.4	%	64.5	%	64.4	%	64.3	%

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Third Quarter of 2025			(Unaudited)


Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)

	Three months ended						Nine months ended
Earnings per common share (4)	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2025		June 30, 2024
Basic	$	2.16	$	2.37	$	2.41	$	7.51	$	7.02
Impact of non-GAAP adjustments on basic earnings per common share:
Expenses related to acquisitions:

Compensation, commissions and benefits (20)	0.04		0.05		0.04		0.12		0.16


Communications and information processing	—		—		—		—		—
Professional fees	—		0.01		—		0.01		0.01

Other:
Amortization of identifiable intangible assets (21)	0.05		0.05		0.05		0.15		0.17

All other acquisition-related expenses	—		—		—		—		0.01
Total “Other” expense	0.05		0.05		0.05		0.15		0.18
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.09		0.11		0.09		0.28		0.35

Tax effect of non-GAAP adjustments	(0.02)		(0.03)		(0.02)		(0.07)		(0.09)
Total non-GAAP adjustments, net of tax	0.07		0.08		0.07		0.21		0.26
Adjusted basic (1)	$	2.23	$	2.45	$	2.48	$	7.72	$	7.28

Diluted	$	2.12	$	2.31	$	2.36	$	7.35	$	6.85
Impact of non-GAAP adjustments on diluted earnings per common share:
Expenses related to acquisitions:

Compensation, commissions and benefits (20)	0.04		0.05		0.04		0.12		0.15


Communications and information processing	—		—		—		—		—
Professional fees	—		0.01		—		0.01		0.01

Other:
Amortization of identifiable intangible assets (21)	0.04		0.05		0.05		0.14		0.16

All other acquisition-related expenses	—		—		—		—		0.01
Total “Other” expense	0.04		0.05		0.05		0.14		0.17
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.08		0.11		0.09		0.27		0.33

Tax effect of non-GAAP adjustments	(0.02)		(0.03)		(0.03)		(0.07)		(0.08)
Total non-GAAP adjustments, net of tax	0.06		0.08		0.06		0.20		0.25
Adjusted diluted (1)	$	2.18	$	2.39	$	2.42	$	7.55	$	7.10

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Third Quarter of 2025			(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)


Book value per share	As of
$ in millions, except per share amounts	June 30, 2025		June 30, 2024		March 31, 2025
Total common equity attributable to Raymond James Financial, Inc.	$	12,180	$	11,118	$	12,133
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net	1,860		1,884		1,855
Deferred tax liabilities related to goodwill and identifiable intangible assets, net	(143)		(136)		(140)
Tangible common equity attributable to Raymond James Financial, Inc. (1)	$	10,463	$	9,370	$	10,418
Common shares outstanding	200.0		205.6		203.1
Book value per share (9)	$	60.90	$	54.08	$	59.74
Tangible book value per share (1) (9)	$	52.32	$	45.57	$	51.29


Return on common equity	Three months ended						Nine months ended
$ in millions	June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2025		June 30, 2024
Average common equity (22)	$	12,157	$	11,012	$	11,989	$	11,938	$	10,717
Impact of non-GAAP adjustments on average common equity:
Expenses related to acquisitions:

Compensation, commissions and benefits (20)	5		5		4		12		17


Communications and information processing	—		—		—		—		—
Professional fees	—		1		1		1		2

Other:
Amortization of identifiable intangible assets (21)	5		5		5		16		16

All other acquisition-related expenses	—		—		—		—		1
Total “Other” expense	5		5		5		16		17
Total pre-tax impact of non-GAAP adjustments related to acquisitions	10		11		10		29		36

Tax effect of non-GAAP adjustments	(3)		(3)		(3)		(7)		(9)
Total non-GAAP adjustments, net of tax	7		8		7		22		27
Adjusted average common equity (1) (22)	$	12,164	$	11,020	$	11,996	$	11,960	$	10,744

Please refer to the footnotes at the end of this press release for additional information.


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Third Quarter of 2025			(Unaudited)


Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)

	Three months ended									Nine months ended
$ in millions	June 30, 2025			June 30, 2024			March 31, 2025			June 30, 2025			June 30, 2024
Average common equity (22)	$	12,157		$	11,012		$	11,989		$	11,938		$	10,717
Less:
Average goodwill and identifiable intangible assets, net	1,858			1,889			1,857			1,865			1,898
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net	(142)			(135)			(140)			(140)			(133)
Average tangible common equity (1) (22)	$	10,441		$	9,258		$	10,272		$	10,213		$	8,952
Impact of non-GAAP adjustments on average tangible common equity:
Expenses related to acquisitions:

Compensation, commissions and benefits (20)	5			5			4			12			17


Communications and information processing	—			—			—			—			—
Professional fees	—			1			1			1			2

Other:
Amortization of identifiable intangible assets (21)	5			5			5			16			16

All other acquisition-related expenses	—			—			—			—			1
Total “Other” expense	5			5			5			16			17
Total pre-tax impact of non-GAAP adjustments related to acquisitions	10			11			10			29			36

Tax effect of non-GAAP adjustments	(3)			(3)			(3)			(7)			(9)
Total non-GAAP adjustments, net of tax	7			8			7			22			27
Adjusted average tangible common equity (1) (22)	$	10,448		$	9,266		$	10,279		$	10,235		$	8,979

Return on common equity (5)	14.3		%	17.8		%	16.4		%	17.1		%	18.2		%
Adjusted return on common equity (1) (5)	14.8		%	18.4		%	16.9		%	17.5		%	18.8		%
Return on tangible common equity (1) (5)	16.7		%	21.2		%	19.2		%	19.9		%	21.8		%
Adjusted return on tangible common equity (1) (5)	17.2		%	21.9		%	19.7		%	20.5		%	22.5		%

Please refer to the footnotes at the end of this press release for additional information.

RAYMOND JAMES FINANCIAL, INC.

Fiscal Third Quarter of 2025 Footnotes


(1)						These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures.

(2)						Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period.

(3)						Estimated.

(4)						Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were an insignificant amount for the three months ended June 30, 2025, $1 million for each of the three months ended June 30, 2024 and March 31, 2025, and $2 million and $3 million for the nine months ended June 30, 2025 and 2024, respectively.

(5)						Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes.

(6)						Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period.

(7)						Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period.

(8)						Results for the three and nine months ended June 30, 2025 included a $58 million reserve increase associated with the settlement of a legal matter (Craig Jalbert, as Chapter 11 Liquidating Trustee v. Raymond James & Associates, Inc., et al.) related to bond underwritings for a specific issuer, sold to institutional investors between 2013 to 2015. The impact of this settlement was an increase in “Other” expense in the Capital Markets segment of $58 million for the three and nine months ended June 30, 2025.

(9)						Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period.

(10)						We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included in money market and other savings accounts in our net interest disclosures in this release. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation.

(11)						Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest-bearing demand deposits in our net interest disclosures in this release.

(12)						Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks.

(13)						Loans are presented net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs.

(14)						Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market.

(15)						The average rate on tax-exempt loans is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each respective period.

(16)						The average balance, interest expense, and average rate for “Total bank deposits” included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in “All other interest-bearing liabilities” under “All other segments.”

(17)						The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses.

RAYMOND JAMES FINANCIAL, INC.

Fiscal Third Quarter of 2025 Footnotes


(18)						Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reduction in interest income in the Other segment and an increase in interest income in the PCG segment. Prior-period segment results have not been conformed to the current-period presentation.

(19)						Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.

(20)						Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period.

(21)						Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions.

(22)						Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period.

EX-99.2 3 rjf0630q325supplement.htm EX-99.2 FINANCIAL SUPPLEMENT FISCAL THIRD QUARTER OF 2025 OF RJF rjf0630q325supplement

Quarterly Financial Supplement Fiscal third quarter of 2025 results

TABLE OF CONTENTS PAGE Consolidated Statements of Income (Unaudited) 3 Consolidated Selected Key Metrics (Unaudited) 4 Segment Results Private Client Group (Unaudited) 6 Capital Markets (Unaudited) 7 Asset Management (Unaudited) 8 Bank (Unaudited) 9 Other (Unaudited) 10 Bank Segment Selected Key Metrics (Unaudited) 11 Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) 12 Footnotes 18 RAYMOND JAMES FINANCIAL, INC.

Three months ended % change from Nine months ended in millions, except per share amounts June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Revenues: Asset management and related administrative fees $ 1,611 $ 1,662 $ 1,743 $ 1,725 $ 1,733 8 % — % $ 4,534 $ 5,201 15 % Brokerage revenues: Securities commissions 416 438 440 431 431 4 % — % 1,213 1,302 7 % Principal transactions 116 123 119 149 128 10 % (14) % 369 396 7 % Total brokerage revenues 532 561 559 580 559 5 % (4) % 1,582 1,698 7 % Account and service fees 328 332 342 321 302 (8) % (6) % 982 965 (2) % Investment banking 183 315 325 216 212 16 % (2) % 543 753 39 % Interest income 1,057 1,073 1,027 963 990 (6) % 3 % 3,159 2,980 (6) % Other 51 60 39 40 46 (10) % 15 % 120 125 4 % Total revenues 3,762 4,003 4,035 3,845 3,842 2 % — % 10,920 11,722 7 % Interest expense (534) (541) (498) (442) (444) (17) % — % (1,561) (1,384) (11) % Net revenues 3,228 3,462 3,537 3,403 3,398 5 % — % 9,359 10,338 10 % Non-interest expenses: Compensation, commissions and benefits 2,090 2,159 2,272 2,204 2,202 5 % — % 6,054 6,678 10 % Non-compensation expenses: Communications and information processing 166 181 178 184 191 15 % 4 % 481 553 15 % Occupancy and equipment 75 76 73 74 77 3 % 4 % 220 224 2 % Business development 72 64 68 64 77 7 % 20 % 193 209 8 % Investment sub-advisory fees 48 50 53 54 56 17 % 4 % 132 163 23 % Professional fees 38 47 34 34 42 11 % 24 % 103 110 7 % Bank loan provision/(benefit) for credit losses (10) 22 — 16 15 NM (6) % 23 31 35 % Other (1) 105 103 110 102 175 67 % 72 % 270 387 43 % Total non-compensation expenses 494 543 516 528 633 28 % 20 % 1,422 1,677 18 % Total non-interest expenses 2,584 2,702 2,788 2,732 2,835 10 % 4 % 7,476 8,355 12 % Pre-tax income 644 760 749 671 563 (13) % (16) % 1,883 1,983 5 % Provision for income taxes 152 158 149 176 127 (16) % (28) % 417 452 8 % Net income 492 602 600 495 436 (11) % (12) % 1,466 1,531 4 % Preferred stock dividends 1 1 1 2 1 — % (50) % 4 4 — % Net income available to common shareholders $ 491 $ 601 $ 599 $ 493 $ 435 (11) % (12) % $ 1,462 $ 1,527 4 % Earnings per common share – basic (2) $ 2.37 $ 2.93 $ 2.94 $ 2.41 $ 2.16 (9) % (10) % $ 7.02 $ 7.51 7 % Earnings per common share – diluted (2) $ 2.31 $ 2.86 $ 2.86 $ 2.36 $ 2.12 (8) % (10) % $ 6.85 $ 7.35 7 % Weighted-average common shares outstanding – basic 206.8 204.7 203.7 204.3 201.2 (3) % (2) % 207.9 203.0 (2) % Weighted-average common and common equivalent shares outstanding – diluted 212.3 210.1 209.2 208.7 205.5 (3) % (2) % 213.1 207.6 (3) % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in millions, except per share amounts June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 Total assets $ 80,628 $ 82,992 $ 82,282 $ 83,132 $ 84,815 5 % 2 % Total common equity attributable to Raymond James Financial, Inc. $ 11,118 $ 11,594 $ 11,844 $ 12,133 $ 12,180 10 % — % Book value per share (3) $ 54.08 $ 57.03 $ 57.89 $ 59.74 $ 60.90 13 % 2 % Tangible book value per share (3) (4) $ 45.57 $ 48.43 $ 49.49 $ 51.29 $ 52.32 15 % 2 % Capital ratios: Tier 1 leverage 12.7 % 12.8 % 13.0 % 13.3 % 13.1 % (5) Tier 1 capital 22.2 % 22.8 % 23.7 % 23.5 % 23.0 % (5) Common equity tier 1 22.0 % 22.6 % 23.5 % 23.3 % 22.8 % (5) Total capital 23.6 % 24.1 % 25.0 % 24.8 % 24.3 % (5) $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Adjusted pre-tax income (4) $ 667 $ 785 $ 769 $ 690 $ 582 (13) % (16) % $ 1,955 $ 2,041 4 % Adjusted net income available to common shareholders (4) $ 508 $ 621 $ 614 $ 507 $ 449 (12) % (11) % $ 1,516 $ 1,570 4 % Adjusted earnings per common share – basic (2) (4) $ 2.45 $ 3.03 $ 3.01 $ 2.48 $ 2.23 (9) % (10) % $ 7.28 $ 7.72 6 % Adjusted earnings per common share – diluted (2) (4) $ 2.39 $ 2.95 $ 2.93 $ 2.42 $ 2.18 (9) % (10) % $ 7.10 $ 7.55 6 % Return on common equity (6) 17.8 % 21.2 % 20.4 % 16.4 % 14.3 % 18.2 % 17.1 % Adjusted return on common equity (4) (6) 18.4 % 21.9 % 20.9 % 16.9 % 14.8 % 18.8 % 17.5 % Adjusted return on tangible common equity (4) (6) 21.9 % 25.8 % 24.6 % 19.7 % 17.2 % 22.5 % 20.5 % Pre-tax margin (7) 20.0 % 22.0 % 21.2 % 19.7 % 16.6 % 20.1 % 19.2 % Adjusted pre-tax margin (4) (7) 20.7 % 22.7 % 21.7 % 20.3 % 17.1 % 20.9 % 19.7 % Total compensation ratio (8) 64.7 % 62.4 % 64.2 % 64.8 % 64.8 % 64.7 % 64.6 % Adjusted total compensation ratio (4) (8) 64.4 % 62.1 % 64.0 % 64.5 % 64.5 % 64.3 % 64.4 % Effective tax rate 23.6 % 20.8 % 19.9 % 26.2 % 22.6 % 22.1 % 22.8 % Three months ended % change from Nine months ended RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 4

As of % change from Client asset metrics ($ in billions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 Client assets under administration $ 1,476.2 $ 1,571.1 $ 1,557.5 $ 1,535.9 $ 1,637.1 11 % 7 % Private Client Group assets under administration $ 1,415.7 $ 1,507.0 $ 1,491.8 $ 1,475.5 $ 1,574.2 11 % 7 % Private Client Group assets in fee-based accounts $ 820.6 $ 875.2 $ 876.6 $ 872.8 $ 943.9 15 % 8 % Financial assets under management $ 229.3 $ 244.8 $ 243.9 $ 245.0 $ 263.2 15 % 7 % Three months ended Nine months ended Net new assets metrics (9) ($ in millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Domestic Private Client Group net new assets $ 16,517 $ 12,969 $ 14,020 $ 8,830 $ 11,651 $ 47,740 $ 34,501 Domestic Private Client Group net new assets growth — annualized 5.2 % 4.0 % 4.0 % 2.6 % 3.4 % 5.8 % 3.3 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 Raymond James Bank Deposit Program (“RJBDP”): (10) Bank segment (10) $ 23,371 $ 23,978 $ 23,946 $ 25,783 $ 26,635 14 % 3 % Third-party banks 17,325 18,226 20,341 16,813 13,878 (20) % (17) % Subtotal RJBDP 40,696 42,204 44,287 42,596 40,513 — % (5) % Client Interest Program 1,713 1,653 1,664 1,656 1,640 (4) % (1) % Total clients’ domestic cash sweep balances 42,409 43,857 45,951 44,252 42,153 (1) % (5) % Enhanced Savings Program ("ESP") (11) 14,039 14,018 13,785 13,507 13,027 (7) % (4) % Total clients’ domestic cash sweep and ESP balances $ 56,448 $ 57,875 $ 59,736 $ 57,759 $ 55,180 (2) % (4) % Three months ended % change from Nine months ended Net interest income and RJBDP fees ($ in millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Net interest income and RJBDP fees (third-party banks) $ 672 $ 678 $ 673 $ 651 $ 656 (2) % 1 % $ 2,059 $ 1,980 (4) % Average yield on RJBDP - third-party banks (12) 3.41 % 3.34 % 3.12 % 3.00 % 2.96 % 3.55 % 3.03 % RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 5

Three months ended % change from Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Revenues: Asset management and related administrative fees $ 1,364 $ 1,408 $ 1,476 $ 1,457 $ 1,462 7 % — % $ 3,838 $ 4,395 15 % Brokerage revenues: Mutual and other fund products 142 148 152 152 146 3 % (4) % 419 450 7 % Insurance and annuity products 130 137 118 117 129 (1) % 10 % 382 364 (5) % Equities, ETFs, and fixed income products 137 148 163 150 145 6 % (3) % 397 458 15 % Total brokerage revenues 409 433 433 419 420 3 % — % 1,198 1,272 6 % Account and service fees: Mutual fund and annuity service fees 118 122 126 130 126 7 % (3) % 339 382 13 % RJBDP fees: (10) Bank segment 198 197 187 183 193 (3) % 5 % 627 563 (10) % Third-party banks 149 146 144 130 110 (26) % (15) % 461 384 (17) % Client account and other fees 66 69 70 66 72 9 % 9 % 195 208 7 % Total account and service fees 531 534 527 509 501 (6) % (2) % 1,622 1,537 (5) % Investment banking 10 9 8 9 9 (10) % — % 29 26 (10) % Interest income (13) 121 119 126 110 114 (6) % 4 % 361 350 (3) % All other 13 4 5 6 5 (62) % (17) % 23 16 (30) % Total revenues 2,448 2,507 2,575 2,510 2,511 3 % — % 7,071 7,596 7 % Interest expense (32) (31) (27) (24) (23) (28) % (4) % (88) (74) (16) % Net revenues 2,416 2,476 2,548 2,486 2,488 3 % — % 6,983 7,522 8 % Non-interest expenses: Financial advisor compensation and benefits 1,327 1,364 1,413 1,411 1,414 7 % — % 3,790 4,238 12 % Administrative compensation and benefits 389 387 418 388 389 — % — % 1,159 1,195 3 % Total compensation, commissions and benefits 1,716 1,751 1,831 1,799 1,803 5 % — % 4,949 5,433 10 % Non-compensation expenses 259 264 255 256 274 6 % 7 % 710 785 11 % Total non-interest expenses 1,975 2,015 2,086 2,055 2,077 5 % 1 % 5,659 6,218 10 % Pre-tax income $ 441 $ 461 $ 462 $ 431 $ 411 (7) % (5) % $ 1,324 $ 1,304 (2) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Private Client Group (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 6

Three months ended % change from Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Revenues: Brokerage revenues: Fixed income $ 86 $ 91 $ 85 $ 116 $ 97 13 % (16) % $ 276 $ 298 8 % Equity 35 36 41 45 41 17 % (9) % 107 127 19 % Total brokerage revenues 121 127 126 161 138 14 % (14) % 383 425 11 % Investment banking: Merger & acquisition and advisory 91 205 226 129 105 15 % (19) % 316 460 46 % Equity underwriting 33 49 35 31 38 15 % 23 % 82 104 27 % Debt underwriting 49 52 56 47 60 22 % 28 % 116 163 41 % Total investment banking 173 306 317 207 203 17 % (2) % 514 727 41 % Interest income 32 28 29 28 27 (16) % (4) % 81 84 4 % Affordable housing investments business revenues 30 43 29 20 33 10 % 65 % 75 82 9 % All other 4 6 5 4 4 — % — % 12 13 8 % Total revenues 360 510 506 420 405 13 % (4) % 1,065 1,331 25 % Interest expense (30) (27) (26) (24) (24) (20) % — % (76) (74) (3) % Net revenues 330 483 480 396 381 15 % (4) % 989 1,257 27 % Non-interest expenses: Compensation, commissions and benefits 243 281 301 262 262 8 % — % 721 825 14 % Non-compensation expenses (1) 101 107 105 98 173 71 % 77 % 296 376 27 % Total non-interest expenses 344 388 406 360 435 26 % 21 % 1,017 1,201 18 % Pre-tax income/(loss) $ (14) $ 95 $ 74 $ 36 $ (54) (286) % NM $ (28) $ 56 NM RAYMOND JAMES FINANCIAL, INC. Segment Results - Capital Markets (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 7

Three months ended % change from Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Revenues: Interest income $ 867 $ 887 $ 847 $ 802 $ 823 (5) % 3 % $ 2,607 $ 2,472 (5) % Interest expense (461) (476) (433) (383) (383) (17) % — % (1,362) (1,199) (12) % Net interest income 406 411 414 419 440 8 % 5 % 1,245 1,273 2 % All other 12 22 11 15 18 50 % 20 % 38 44 16 % Net revenues 418 433 425 434 458 10 % 6 % 1,283 1,317 3 % Non-interest expenses: Compensation and benefits 45 44 46 45 47 4 % 4 % 136 138 1 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses (10) 22 — 16 15 NM (6) % 23 31 35 % RJBDP fees to Private Client Group (10) 198 197 187 183 193 (3) % 5 % 627 563 (10) % All other 70 72 74 73 80 14 % 10 % 215 227 6 % Total non-compensation expenses 258 291 261 272 288 12 % 6 % 865 821 (5) % Total non-interest expenses 303 335 307 317 335 11 % 6 % 1,001 959 (4) % Pre-tax income $ 115 $ 98 $ 118 $ 117 $ 123 7 % 5 % $ 282 $ 358 27 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 9

Three months ended % change from Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Revenues: Interest income (13) $ 47 $ 53 $ 34 $ 34 $ 34 (28) % — % $ 140 $ 102 (27) % All other 6 — 3 4 — (100) % (100) % 6 7 17 % Total revenues 53 53 37 38 34 (36) % (11) % 146 109 (25) % Interest expense (25) (25) (25) (25) (25) — % — % (75) (75) — % Net revenues 28 28 12 13 9 (68) % (31) % 71 34 (52) % Non-interest expenses: Compensation and benefits 29 26 36 40 36 24 % (10) % 78 112 44 % All other 9 12 6 7 15 67 % 114 % (7) 28 NM Total non-interest expenses 38 38 42 47 51 34 % 9 % 71 140 97 % Pre-tax loss $ (10) $ (10) $ (30) $ (34) $ (42) (320) % (24) % $ — $ (106) NM RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (14) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Bank Segment As of % change from $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 Total assets $ 60,574 $ 62,367 $ 62,278 $ 62,700 $ 63,561 5 % 1 % Bank loans, net $ 45,149 $ 45,994 $ 47,164 $ 48,273 $ 49,840 10 % 3 % Bank loan allowance for credit losses $ 456 $ 457 $ 452 $ 452 $ 465 2 % 3 % Bank loan allowance for credit losses as a % of total loans held for investment 1.00 % 0.99 % 0.95 % 0.93 % 0.93 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (15) 2.00 % 1.99 % 1.93 % 1.94 % 1.96 % Total nonperforming assets $ 160 $ 175 $ 161 $ 214 $ 214 34 % — % Nonperforming assets as a % of total assets 0.26 % 0.28 % 0.26 % 0.34 % 0.34 % Total criticized loans $ 523 $ 679 $ 599 $ 551 $ 572 9 % 4 % Criticized loans as a % of total loans held for investment 1.15 % 1.47 % 1.26 % 1.14 % 1.14 % Total bank deposits $ 54,401 $ 56,010 $ 55,850 $ 56,403 $ 57,249 5 % 1 % As of % change from $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 Securities-based loans (16) $ 15,429 $ 16,233 $ 16,869 $ 17,608 $ 18,497 20 % 5 % Commercial and industrial loans 9,956 9,953 10,390 10,462 10,754 8 % 3 % Commercial real estate loans 7,619 7,615 7,586 7,569 7,777 2 % 3 % Real estate investment trust loans 1,755 1,716 1,683 1,794 1,735 (1) % (3) % Residential mortgage loans 9,245 9,412 9,602 9,801 9,976 8 % 2 % Tax-exempt loans 1,431 1,338 1,294 1,268 1,311 (8) % 3 % Total loans held for investment 45,435 46,267 47,424 48,502 50,050 10 % 3 % Held for sale loans 170 184 192 223 255 50 % 14 % Total loans held for sale and investment 45,605 46,451 47,616 48,725 50,305 10 % 3 % Allowance for credit losses (456) (457) (452) (452) (465) 2 % 3 % Bank loans, net $ 45,149 $ 45,994 $ 47,164 $ 48,273 $ 49,840 10 % 3 % Three months ended % change from Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Net interest margin (net yield on interest-earning assets) 2.64 % 2.62 % 2.60 % 2.67 % 2.74 % 2.68 % 2.67 % Bank loan provision/(benefit) for credit losses $ (10) $ 22 $ — $ 16 $ 15 NM (6) % $ 23 $ 31 35 % Net charge-offs $ 6 $ 20 $ 4 $ 15 $ 3 (50) % (80) % $ 42 $ 22 (48) % RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe a certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non- GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Three months ended Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Net income available to common shareholders $ 491 $ 601 $ 599 $ 493 $ 435 $ 1,462 $ 1,527 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits (17) 11 9 8 8 9 33 25 Communication and information processing — 1 — — — 1 — Professional fees 1 1 1 1 — 3 2 Other: Amortization of identifiable intangible assets (18) 11 11 11 10 10 33 31 All other acquisition-related expenses — 3 — — — 2 — Total “Other” expense 11 14 11 10 10 35 31 Total pre-tax impact of non-GAAP adjustments related to acquisitions 23 25 20 19 19 72 58 Tax effect of non-GAAP adjustments (6) (5) (5) (5) (5) (18) (15) Total non-GAAP adjustments, net of tax 17 20 15 14 14 54 43 Adjusted net income available to common shareholders (4) $ 508 $ 621 $ 614 $ 507 $ 449 $ 1,516 $ 1,570 Pre-tax income $ 644 $ 760 $ 749 $ 671 $ 563 $ 1,883 $ 1,983 Pre-tax impact of non-GAAP adjustments (as detailed above) 23 25 20 19 19 72 58 Adjusted pre-tax income (4) $ 667 $ 785 $ 769 $ 690 $ 582 $ 1,955 $ 2,041 Compensation, commissions and benefits expense $ 2,090 $ 2,159 $ 2,272 $ 2,204 $ 2,202 $ 6,054 $ 6,678 Less: Acquisition-related retention (17) 11 9 8 8 9 33 25 Adjusted “Compensation, commissions and benefits” expense (4) $ 2,079 $ 2,150 $ 2,264 $ 2,196 $ 2,193 $ 6,021 $ 6,653 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 12

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Pre-tax margin (7) 20.0 % 22.0 % 21.2 % 19.7 % 16.6 % 20.1 % 19.2 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits (17) 0.3 % 0.3 % 0.2 % 0.3 % 0.3 % 0.4 % 0.2 % Communications and information processing — % — % — % — % — % — % — % Professional fees — % — % — % — % — % — % — % Other: Amortization of identifiable intangible assets (18) 0.4 % 0.3 % 0.3 % 0.3 % 0.2 % 0.4 % 0.3 % All other acquisition-related expenses — % 0.1 % — % — % — % — % — % Total “Other” expense 0.4 % 0.4 % 0.3 % 0.3 % 0.2 % 0.4 % 0.3 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.7 % 0.7 % 0.5 % 0.6 % 0.5 % 0.8 % 0.5 % Adjusted pre-tax margin (4) (7) 20.7 % 22.7 % 21.7 % 20.3 % 17.1 % 20.9 % 19.7 % Total compensation ratio (8) 64.7 % 62.4 % 64.2 % 64.8 % 64.8 % 64.7 % 64.6 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (17) 0.3 % 0.3 % 0.2 % 0.3 % 0.3 % 0.4 % 0.2 % Adjusted total compensation ratio (4) (8) 64.4 % 62.1 % 64.0 % 64.5 % 64.5 % 64.3 % 64.4 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 13

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended Earnings per common share (2) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Diluted $ 2.31 $ 2.86 $ 2.86 $ 2.36 $ 2.12 $ 6.85 $ 7.35 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits (17) 0.05 0.04 0.04 0.04 0.04 0.15 0.12 Communications and information processing — — — — — — — Professional fees 0.01 — — — — 0.01 0.01 Other: Amortization of identifiable intangible assets (18) 0.05 0.05 0.05 0.05 0.04 0.16 0.14 All other acquisition-related expenses — 0.02 — — — 0.01 — Total “Other” expense 0.05 0.07 0.05 0.05 0.04 0.17 0.14 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.11 0.11 0.09 0.09 0.08 0.33 0.27 Tax effect of non-GAAP adjustments (0.03) (0.02) (0.02) (0.03) (0.02) (0.08) (0.07) Total non-GAAP adjustments, net of tax 0.08 0.09 0.07 0.06 0.06 0.25 0.20 Adjusted diluted (4) $ 2.39 $ 2.95 $ 2.93 $ 2.42 $ 2.18 $ 7.10 $ 7.55 Book value per share As of $ in millions, except per share amounts June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Total common equity attributable to Raymond James Financial, Inc. $ 11,118 $ 11,594 $ 11,844 $ 12,133 $ 12,180 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,884 1,886 1,858 1,855 1,860 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (136) (138) (139) (140) (143) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 9,370 $ 9,846 $ 10,125 $ 10,418 $ 10,463 Common shares outstanding 205.6 203.3 204.6 203.1 200.0 Book value per share (3) $ 54.08 $ 57.03 $ 57.89 $ 59.74 $ 60.90 Tangible book value per share (3) (4) $ 45.57 $ 48.43 $ 49.49 $ 51.29 $ 52.32 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 15

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on common equity Three months ended Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Average common equity (19) $ 11,012 $ 11,356 $ 11,719 $ 11,989 $ 12,157 $ 10,717 $ 11,938 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits (17) 5 5 4 4 5 17 12 Communications and information processing — — — — — — — Professional fees 1 1 1 1 — 2 1 Other: Amortization of identifiable intangible assets (18) 5 6 6 5 5 16 16 All other acquisition-related expenses — 1 — — — 1 — Total “Other” expense 5 7 6 5 5 17 16 Total pre-tax impact of non-GAAP adjustments related to acquisitions 11 13 11 10 10 36 29 Tax effect of non-GAAP adjustments (3) (3) (3) (3) (3) (9) (7) Total non-GAAP adjustments, net of tax 8 10 8 7 7 27 22 Adjusted average common equity (4) (19) $ 11,020 $ 11,366 $ 11,727 $ 11,996 $ 12,164 $ 10,744 $ 11,960 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 16

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on tangible common equity Three months ended Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Average common equity (19) $ 11,012 $ 11,356 $ 11,719 $ 11,989 $ 12,157 $ 10,717 $ 11,938 Less: Average goodwill and identifiable intangible assets, net 1,889 1,885 1,872 1,857 1,858 1,898 1,865 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (135) (137) (139) (140) (142) (133) (140) Average tangible common equity (4) (19) $ 9,258 $ 9,608 $ 9,986 $ 10,272 $ 10,441 $ 8,952 $ 10,213 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits (17) 5 5 4 4 5 17 12 Communications and information processing — — — — — — — Professional fees 1 1 1 1 — 2 1 Other: Amortization of identifiable intangible assets (18) 5 6 6 5 5 16 16 All other acquisition-related expenses — 1 — — — 1 — Total “Other” expense 5 7 6 5 5 17 16 Total pre-tax impact of non-GAAP adjustments related to acquisitions 11 13 11 10 10 36 29 Tax effect of non-GAAP adjustments (3) (3) (3) (3) (3) (9) (7) Total non-GAAP adjustments, net of tax 8 10 8 7 7 27 22 Adjusted average tangible common equity (4) (19) $ 9,266 $ 9,618 $ 9,994 $ 10,279 $ 10,448 $ 8,979 $ 10,235 Return on common equity (6) 17.8 % 21.2 % 20.4 % 16.4 % 14.3 % 18.2 % 17.1 % Adjusted return on common equity (4) (6) 18.4 % 21.9 % 20.9 % 16.9 % 14.8 % 18.8 % 17.5 % Return on tangible common equity (4) (6) 21.2 % 25.0 % 24.0 % 19.2 % 16.7 % 21.8 % 19.9 % Adjusted return on tangible common equity (4) (6) 21.9 % 25.8 % 24.6 % 19.7 % 17.2 % 22.5 % 20.5 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Results for the three and nine months ended June 30, 2025 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M increase in "Other" expense in the Capital Markets segment. (2) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended June 30, 2024, September 30, 2024, December 31, 2024, and March 31, 2025, an insignificant amount for the three months ended June 30, 2025, and $3 million and $2 million for the nine months ended June 30, 2024 and 2025, respectively. (3) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (4) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (5) Estimated. (6) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes. (7) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (8) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (9) Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period. (10) We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (11) Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest-bearing demand deposits in our net interest disclosures in this release. (12) Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. (13) Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reduction in interest income in the Other segment and an increase in interest income in the PCG segment. Prior-period segment results have not been conformed to the current-period presentation. (14) The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. (15) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (16) Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. (17) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. RAYMOND JAMES FINANCIAL, INC. 18

(18) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (19) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. RAYMOND JAMES FINANCIAL, INC. 19

EX-99.3 4 rjf0630q325presentation.htm EX-99.3 EARNINGS PRESENTATION FISCAL THIRD QUARTER 2025 OF RJF rjf0630q325presentation

Fiscal 3Q25 Results July 23, 2025

Forward-looking statements Certain statements made in this presentation and the associated conference call may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions or divestitures, and our level of success in integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward- looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise. 2

Strategic Overview Paul Shoukry Chief Executive Officer, Raymond James Financial 3

4 3Q25 highlights Earnings Key Performance Metrics Capital & Liquidity $3.4B Net revenues $1.64T Client assets under administration $451M Common share repurchases 16.6% Pre-tax margin 17.1% Adjusted pre-tax margin(1) $944B PCG assets in fee-based accounts $102M Common stock dividends $11.7B | 3.4% growth rate Domestic PCG net new assets(2)$2.12 Diluted EPS $2.18 Adjusted diluted EPS(1) 13.1% Tier 1 leverage ratio(3) $55.2B Clients' domestic cash sweep and ESP balances 14.3% Return on common equity 17.2% Adjusted ROTCE(1) $2.3B RJF corporate cash(4) $49.8B Bank loans, net Note: As of and for the three months ended June 30, 2025. (1)These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. (2)Domestic PCG net new assets represents domestic PCG client inflows, including dividends and interest, less domestic PCG client outflows, including commissions, advisory fees and other fees. The domestic PCG net new asset annualized growth rate is based on the beginning domestic PCG assets under administration balance for the indicated period. (3)Estimated. (4)This amount includes cash on hand at the parent, as well as parent cash loaned to Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities.

Financial Review Butch Oorlog Chief Financial Officer, Raymond James Financial 5

Summary results of operations $ in millions, except per share amounts ($) vs. 3Q24 vs. 2Q25 ($) vs. FYTD 20243Q25 FYTD 2025 Net revenues 3,398 5% —% 10,338 10% Pre-tax income 563 (13)% (16)% 1,983 5% Adjusted pre-tax income* 582 (13)% (16)% 2,041 4% Net income available to common shareholders 435 (11)% (12)% 1,527 4% Adjusted net income available to common shareholders* 449 (12)% (11)% 1,570 4% Earnings per common share — diluted 2.12 (8)% (10)% 7.35 7% Adjusted earnings per common share — diluted* 2.18 (9)% (10)% 7.55 6% Other selected financial highlights: 3Q25 3Q24 2Q25 FYTD 2025 FYTD 2024 Pre-tax margin 16.6 % 20.0% 19.7% 19.2 % 20.1% Adjusted pre-tax margin* 17.1 % 20.7% 20.3% 19.7 % 20.9% Return on common equity — annualized 14.3 % 17.8% 16.4% 17.1 % 18.2% Adjusted return on common equity — annualized* 14.8 % 18.4% 16.9% 17.5 % 18.8% Adjusted return on tangible common equity — annualized* 17.2 % 21.9% 19.7% 20.5 % 22.5% 6 *These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Financial summary Record result

$ in millions ($) vs. 3Q24 vs. 2Q25 ($) vs. FYTD 20243Q25 2025 Net revenues: Private Client Group 2,488 3% —% 7,522 8% Capital Markets 381 15% (4)% 1,257 27% Asset Management 291 10% 1% 874 16% Bank 458 10% 6% 1,317 3% Consolidated net revenues 3,398 5% —% 10,338 10% Pre-tax income/(loss): Private Client Group 411 (7)% (5)% 1,304 (2)% Capital Markets* (54) (286)% NM 56 NM Asset Management 125 12% 3% 371 22% Bank 123 7% 5% 358 27% Consolidated pre-tax income* 563 (13)% (16)% 1,983 5% Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reduction in interest income in the Other segment and an increase in interest income in the PCG segment. Prior period segment results have not been conformed to the current-period presentation. *Results for 3Q25 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M increase in "Other" expense in the Capital Markets segment. Segment results 7 Record Result

Consolidated net revenues 8 $ in millions 3Q25 vs. 3Q24 vs. 2Q25 Asset management and related administrative fees $ 1,733 8% —% Brokerage revenues 559 5% (4)% Account and service fees 302 (8)% (6)% Investment banking 212 16% (2)% Interest income 990 (6)% 3% Other 46 (10)% 15% Total revenues 3,842 2% —% Interest expense (444) (17)% —% Net revenues $ 3,398 5% —%

Domestic cash sweep and ESP balances 9 C lie nt s' D om es tic C as h S w ee p & E S P B al an ce s ($ B ) C ash S w eep & E S P B alances as a % of D om estic P C G A U A CLIENTS' DOMESTIC CASH SWEEP & ENHANCED SAVINGS PROGRAM (ESP)* BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA) 23.4 24.0 23.9 25.8 26.6 17.3 18.2 20.3 16.8 13.9 1.7 1.7 1.7 1.7 1.6 14.0 14.0 13.8 13.5 13.0 56.4 57.9 59.7 57.8 55.2 4.3% 4.2% 4.3% 4.2% 3.8% RJBDP - Bank Segment** RJBDP - Third-Party Banks** Client Interest Program ESP* 3Q24 4Q24 1Q25 2Q25 3Q25 Note: May not total due to rounding. *Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. **We earn fees from the Raymond James Bank Deposit Program (RJBDP), a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. Year-over-year change: (2)% Sequential change: (4)%

Net interest income & RJBDP fees (third-party banks) 10 *As reported in "Account and service fees" in the PCG segment. **Computed by dividing annualized RJBDP Fees (Third-Party Banks), which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. $ IN MILLIONS 672 678 673 651 656 523 532 529 521 546 149 146 144 130 110 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 3Q24 4Q24 1Q25 2Q25 3Q25 NET INTEREST MARGIN (NIM) 2.64% 2.62% 2.60% 2.67% 2.74% 2.86% 2.85% 2.74% 2.77% 2.83% Firmwide NIM Bank Segment NIM 3Q24 4Q24 1Q25 2Q25 3Q25 AVERAGE YIELD ON RJBDP (THIRD-PARTY BANKS)** 3.41% 3.34% 3.12% 3.00% 2.96% 3Q24 4Q24 1Q25 2Q25 3Q25 Year-over-year change: (2)% Sequential change: 1%

Consolidated expenses 11 $ in millions 3Q25 vs. 3Q24 vs. 2Q25 Compensation, commissions and benefits $ 2,202 5% —% Non-compensation expenses: Communications and information processing 191 15% 4% Occupancy and equipment 77 3% 4% Business development 77 7% 20% Investment sub-advisory fees 56 17% 4% Professional fees 42 11% 24% Bank loan provision for credit losses 15 NM (6)% Other* 175 67% 72% Total non-compensation expenses 633 28% 20% Total non-interest expenses $ 2,835 10% 4% *Results for 3Q25 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M increase in "Other" expense in the Capital Markets segment. **Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period. Adjusted total compensation ratio is computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. ***This is a non-GAAP financial measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. TOTAL NON-COMPENSATION EXPENSES $ IN MILLIONS 494 543 516 528 633 3Q24 4Q24 1Q25 2Q25 3Q25* TOTAL COMPENSATION RATIO** 64.7% 62.4% 64.2% 64.8% 64.8% 64.4% 62.1% 64.0% 64.5% 64.5% Total Compensation Ratio Adjusted Total Compensation Ratio*** 3Q24 4Q24 1Q25 2Q25 3Q25

Bank segment key credit metrics 12 $ in millions 3Q25 vs. 3Q24 vs. 2Q25 Bank loan provision for credit losses $ 15 NM (6)% Net charge-offs $ 3 (50)% (80)% 3Q24 2Q25 Nonperforming assets as a % of total assets 0.34 % 0.26% 0.34% Bank loan allowance for credit losses as a % of loans held for investment 0.93 % 1.00% 0.93% Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment* 1.96 % 2.00% 1.94% Criticized loans as a % of total loans held for investment 1.14 % 1.15% 1.14% *Corporate loans include commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.

*This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Consolidated pre-tax margin 13 20.0% 22.0% 21.2% 19.7% 16.6% 20.7% 22.7% 21.7% 20.3% 17.1% Pre-Tax Margin Adjusted Pre-Tax Margin* 3Q24 4Q24 1Q25 2Q25 3Q25

Other financial information 14 *This amount includes cash on hand at the parent, as well as parent cash loaned to RJ&A, which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities. **This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. ***Estimated. in millions, except per share amounts 3Q25 vs. 3Q24 vs. 2Q25 Total assets $ 84,815 5% 2% RJF corporate cash* $ 2,349 11% (6)% Total common equity attributable to RJF $ 12,180 10% —% Book value per share $ 60.90 13% 2% Tangible book value per share** $ 52.32 15% 2% Weighted-average common and common equivalent shares outstanding — diluted 205.5 (3)% (2)% 3Q24 2Q25 Tier 1 leverage ratio*** 13.1 % 12.7% 13.3% Tier 1 capital ratio*** 23.0 % 22.2% 23.5% Common equity tier 1 ratio*** 22.8 % 22.0% 23.3% Total capital ratio*** 24.3 % 23.6% 24.8% Effective tax rate 22.6 % 23.6% 26.2%

$1.79B of dividends paid and share repurchases over the past 5 quarters Capital management 15 DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS 337 394 154 354 553 243 300 50 250 451 94 94 104 104 102 Share Repurchases* Dividends Paid** 3Q24 4Q24 1Q25 2Q25 3Q25 Number of Shares Repurchased* (thousands) 1,994 2,598 310 1,716 3,286 Average Share Price of Shares Repurchased* $122 $115 $161 $146 $137 *Under the Board of Directors' common stock repurchase authorization. **Reflects dividends paid to holders of common shares. ***Indicates the amount remaining as of June 30, 2025 under the Board of Directors' $1.5 billion common stock repurchase authorization approved on December 3, 2024. $749M remains under current common stock repurchase authorization***

Appendix 16

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 17 We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non- GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Note: Please refer to the footnotes on slide 26 for additional information. continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Note: Please refer to the footnotes on slide 26 for additional information. continued on next slide Three months ended Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Net income available to common shareholders $ 491 $ 601 $ 599 $ 493 $ 435 $ 1,462 $ 1,527 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits (1) 11 9 8 8 9 33 25 Communication and information processing — 1 — — — 1 — Professional fees 1 1 1 1 — 3 2 Other Amortization of identifiable intangible assets (2) 11 11 11 10 10 33 31 All other acquisition-related expenses — 3 — — — 2 — Total “Other” expense 11 14 11 10 10 35 31 Total pre-tax impact of non-GAAP adjustments related to acquisitions 23 25 20 19 19 72 58 Tax effect of non-GAAP adjustments (6) (5) (5) (5) (5) (18) (15) Total non-GAAP adjustments, net of tax 17 20 15 14 14 54 43 Adjusted net income available to common shareholders $ 508 $ 621 $ 614 $ 507 $ 449 $ 1,516 $ 1,570 Pre-tax income $ 644 $ 760 $ 749 $ 671 $ 563 $ 1,883 $ 1,983 Pre-tax impact of non-GAAP adjustments (as detailed above) 23 25 20 19 19 72 58 Adjusted pre-tax income $ 667 $ 785 $ 769 $ 690 $ 582 $ 1,955 $ 2,041 18

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Pre-tax margin (3) 20.0 % 22.0 % 21.2 % 19.7 % 16.6 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits (1) 0.3 % 0.3 % 0.2 % 0.3 % 0.3 % Communication and information processing — % — % — % — % — % Professional fees — % — % — % — % — % Other: Amortization of identifiable intangible assets (2) 0.4 % 0.3 % 0.3 % 0.3 % 0.2 % All other acquisition-related expenses — % 0.1 % — % — % — % Total “Other” expense 0.4 % 0.4 % 0.3 % 0.3 % 0.2 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.7 % 0.7 % 0.5 % 0.6 % 0.5 % Adjusted pre-tax margin (3) 20.7 % 22.7 % 21.7 % 20.3 % 17.1 % Note: Please refer to the footnotes on slide 26 for additional information. continued on next slide19

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 Note: Please refer to the footnotes on slide 26 for additional information. continued on next slide Three months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Compensation, commissions and benefits expense $ 2,090 $ 2,159 $ 2,272 $ 2,204 $ 2,202 Less: Acquisition-related retention (1) 11 9 8 8 9 Adjusted compensation, commissions and benefits expense $ 2,079 $ 2,150 $ 2,264 $ 2,196 $ 2,193 Total compensation ratio (4) 64.7 % 62.4 % 64.2 % 64.8 % 64.8 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (1) 0.3 % 0.3 % 0.2 % 0.3 % 0.3 % Adjusted total compensation ratio (4) 64.4 % 62.1 % 64.0 % 64.5 % 64.5 %

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 21 Note: Please refer to the footnotes on slide 26 for additional information. Three months ended Nine months ended Earnings per common share (5) June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Basic $ 2.37 $ 2.41 $ 2.16 $ 7.02 $ 7.51 Impact of non-GAAP adjustments on basic earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits (1) 0.05 0.04 0.04 0.16 0.12 Communication and information processing — — — — — Professional fees 0.01 — — 0.01 0.01 Other: Amortization of identifiable intangible assets (2) 0.05 0.05 0.05 0.17 0.15 All other acquisition-related expenses — — — 0.01 — Total “Other” expense 0.05 0.05 0.05 0.18 0.15 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.11 0.09 0.09 0.35 0.28 Tax effect of non-GAAP adjustments (0.03) (0.02) (0.02) (0.09) (0.07) Total non-GAAP adjustments, net of tax 0.08 0.07 0.07 0.26 0.21 Adjusted basic $ 2.45 $ 2.48 $ 2.23 $ 7.28 $ 7.72 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 22 Note: Please refer to the footnotes on slide 26 for additional information. Three months ended Nine months ended Earnings per common share (5) June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Diluted $ 2.31 $ 2.36 $ 2.12 $ 6.85 $ 7.35 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits (1) 0.05 0.04 0.04 0.15 0.12 Communication and information processing — — — — — Professional fees 0.01 — — 0.01 0.01 Other: Amortization of identifiable intangible assets (2) 0.05 0.05 0.04 0.16 0.14 All other acquisition-related expenses — — — 0.01 — Total “Other” expense 0.05 0.05 0.04 0.17 0.14 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.11 0.09 0.08 0.33 0.27 Tax effect of non-GAAP adjustments (0.03) (0.03) (0.02) (0.08) (0.07) Total non-GAAP adjustments, net of tax 0.08 0.06 0.06 0.25 0.20 Adjusted diluted $ 2.39 $ 2.42 $ 2.18 $ 7.10 $ 7.55 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Note: Please refer to the footnotes on slide 26 for additional information. Book value per share As of $ in millions, except per share amounts June 30, 2024 March 31, 2025 June 30, 2025 Total common equity attributable to Raymond James Financial, Inc. $ 11,118 $ 12,133 $ 12,180 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,884 1,855 1,860 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (136) (140) (143) Tangible common equity attributable to Raymond James Financial, Inc. $ 9,370 $ 10,418 $ 10,463 Common shares outstanding 205.6 203.1 200.0 Book value per share (6) $ 54.08 $ 59.74 $ 60.90 Tangible book value per share (6) $ 45.57 $ 51.29 $ 52.32 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 24 Note: Please refer to the footnotes on slide 26 for additional information. Three months ended Nine months ended $ in millions June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Average common equity (7) $ 11,012 $ 11,989 $ 12,157 $ 10,717 $ 11,938 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits (1) 5 4 5 17 12 Communication and information processing — — — — — Professional fees 1 1 — 2 1 Other: Amortization of identifiable intangible assets (2) 5 5 5 16 16 All other acquisition-related expenses — — — 1 — Total “Other” expense 5 5 5 17 16 Total pre-tax impact of non-GAAP adjustments related to acquisitions 11 10 10 36 29 Tax effect of non-GAAP adjustments (3) (3) (3) (9) (7) Total non-GAAP adjustments, net of tax 8 7 7 27 22 Adjusted average common equity (7) $ 11,020 $ 11,996 $ 12,164 $ 10,744 $ 11,960 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 25 Return on tangible common equity Three months ended Nine months ended $ in millions June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Average common equity (7) $ 11,012 $ 11,989 $ 12,157 $ 10,717 $ 11,938 Less: Average goodwill and identifiable intangible assets, net 1,889 1,857 1,858 1,898 1,865 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (135) (140) (142) (133) (140) Average tangible common equity (7) $ 9,258 $ 10,272 $ 10,441 $ 8,952 $ 10,213 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitons: Compensation, commissions and benefits (1) 5 4 5 17 12 Communication and information processing — — — — — Professional fees 1 1 — 2 1 Other: Amortization of identifiable intangible assets (2) 5 5 5 16 16 All other acquisition-related expenses — — — 1 — Total “Other” expense 5 5 5 17 16 Total pre-tax impact of non-GAAP adjustments related to acquisitions 11 10 10 36 29 Tax effect of non-GAAP adjustments (3) (3) (3) (9) (7) Total non-GAAP adjustments, net of tax 8 7 7 27 22 Adjusted average tangible common equity (7) $ 9,266 $ 10,279 $ 10,448 $ 8,979 $ 10,235 Return on common equity (8) 17.8 % 16.4 % 14.3 % 18.2 % 17.1 % Adjusted return on common equity (8) 18.4 % 16.9 % 14.8 % 18.8 % 17.5 % Return on tangible common equity (ROTCE) (8) 21.2 % 19.2 % 16.7 % 21.8 % 19.9 % Adjusted ROTCE (8) 21.9 % 19.7 % 17.2 % 22.5 % 20.5 % Note: Please refer to the footnotes on slide 26 for additional information.

Footnotes 26 (1) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (2) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (3) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (4) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (5) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended June 30, 2024 and March 31, 2025, an insignificant amount for the three months ended June 30, 2025, and $2 million and $3 million for the nine months ended June 30, 2025 and June 30, 2024, respectively. (6) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (7) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. (8) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes.